Transocean Ltd (NYSE: RIG) is an offshore contract drilling company that provides mobile offshore drilling rig services to oil and gas operators worldwide. Revenue is generated on a contract basis, with oil and gas companies paying day rates to hire Transocean's rigs, equipment, and work crews to drill offshore wells. The company specializes in technically demanding ultra-deepwater and harsh environment drilling, operating a fleet of drillships and semisubmersible floaters. Transocean is incorporated in Switzerland, with its registered office in Steinhausen, Canton of Zug, and its shares trade on the New York Stock Exchange under the ticker RIG. As of February 9, 2026, Transocean entered into a Business Combination Agreement with Valaris, under which Transocean will acquire all outstanding Valaris common shares in an all-stock transaction at an exchange ratio of 15.235 Transocean shares per Valaris share. The company operates in a single reporting segment, contract drilling services, as disclosed in its 10-K for the fiscal year ended December 31, 2025, filed February 23, 2026.

Revenue model

Day-rate contract drilling fees paid by oil and gas operators to hire Transocean's mobile offshore drilling rigs, equipment, and crews. All revenue is reported within a single contract drilling services segment.

Products and services

Mobile offshore drilling services using drillships and semisubmersible floaters; ultra-deepwater drilling; harsh environment drilling; offshore support services.

Customers and end markets

Oil and gas exploration and production companies requiring offshore drilling services, with a concentration in ultra-deepwater and harsh environment markets on a worldwide basis.

Value-chain role

Offshore contract driller. Sits between rig owners and oil and gas operators; provides the capital equipment, crews, and operational expertise to drill offshore wells on behalf of E&P customers.

Geographic exposure

Worldwide offshore drilling operations. Registered office in Steinhausen, Switzerland. Shares listed on the New York Stock Exchange.

Competitors

Valaris

Source: SEC 10-K, filed 2026-02-23

Industry: Drilling Oil & Gas Wells